2023 has been met with a continuation of the same challenges of late. It may not be a great time to be a real estate agent, but that doesn’t mean an unhealthy market. We seem to have weeded out the sellers with “make me move” prices, those aren't realistic anymore. Prices in general are down, but certainly still above pre-pandemic levels and I think that's probably here to stay. Buyers are waiting to see if interest rates come down, if prices come down, if the market changes. The question is; who caves first? With the market picking up over the last couple of weeks, early indications are pointing to buyers. Buyers do seem to have more control than we've seen over the past couple of years both in price negotiations and inspection negotiations, but I'm not sure if it's a buyer's market or seller's market. It's just a neutral market. Buyers still want in, but a lot of sellers don't really want out. With inflation slowing things down, everybody seems pretty content, even me.

Let's look at the data. It may seem slow, but the numbers might surprise you:

RESIDENTIAL
Teton Valley & Alta
2019 – 289 sales
Avg sales price: $456,043
Median price: $390,000
Days on market: 186
2020 – 406 sales
Avg sales price: $610,953
Median price: $486,379
Days on market: 147
2021 – 370 sales
Avg sales price: $915,978
Median price: $660,811.50
Days on market: 90
2022 – 299 sales
Avg sales price: $1,013,331
Median price: $766,000
Days on market: 102

Jackson
2019 – 463 sales
Avg sales price: $1,452,537
Median price: $960,000
Days on market: 186
2020 – 557 sales
Avg sales price: $2,185,728
Median price: $1,400,000
Days on market: 173
2021 – 486 sales
Avg sales price: $2,456,371
Median price: $1,600,000
Days on market: 131
2022 – 265 sales
Avg sales price: $2,847,343
Median price: $2,180,000
Days on market: 143

LAND
Teton Valley & Alta
2019 – 281 sales
Avg sales price: $132,820
Median price: $70,000
Days on market: 355
2020 – 677 sales
Avg sales price: $121,489
Median price: $85,000
Days on market: 280
2021 – 742 sales
Avg sales price: $240,438
Median price: $160,000
Days on market: 157
2022 – 421 sales
Avg sales price: $326,259
Median price: $200,000
Days on market: 136

Jackson
2019 – 69 sales
Avg sales price: $1,639,491
Median price: $1,050,000
Days on market: 492
2020 – 124 sales
Avg sales price: $2,098,092
Median price: $1,070,000
Days on market: 310
2021 – 101 sales
Avg sales price: $2,789,734
Median price: $1,900,000
Days on market: 226
2022 – 30 sales
Avg sales price: $3,715,652
Median price: $2,150,000
Days on market: 171


***Source: Teton Board of Realtors